General Aspects of Bank Strategy on the Digital Transformation in North Macedonia

Abstract

Change management in banking becomes more complex with a strong accent on the non-financial aspects to preserve sustainable development. The objective of this research paper is to promote powerful market interactions in the evolution of banking business models by exploiting the business model canvas method. The major banking business models in North Macedonia, identified by the method of cluster analysis in this paper were analyzed from the marketing perspective in order to present a generalized canvas of the commercial banking digital transformation aspects and strategy at the country level. The analysis was conceptualized over eight key strategic aspects. The visualization method was chosen to approach the relevance of stakeholders in the banking strategy and the value creation for society. Finally, this study concludes with the existence of substantial digitalization capacity of the banking institutions in North Macedonia, confirming its positive linkage with size, social responsibility, and international aspects.